Former Equifax executive charged over alleged insider trading: SEC

Former Equifax executive charged over alleged insider trading: SEC

Former Equifax executive charged over alleged insider trading: SEC

Federal authorities have charged a senior Equifax executive with insider trading for allegedly selling nearly $1 million worth of company stock 10 days before officials disclosed a website hack that exposed sensitive information for more than 143 million United States consumers.

The SEC's complaint alleges Ying used confidential information to determine Equifax had suffered a massive data breach.

He was Equifax's worldwide CIO, responsible for its worldwide IT strategy, and next in line to be the company's global CIO, the SEC said.

A former top Equifax executive was charged Wednesday with insider trading for selling almost $1 million in company stock after he learned about a major data breach in 2017 before it was publicly announced.

Jun Ying, a former Equifax chief information officer, faces criminal charges filed by the US Attorney's Office for the Northern District of Georgia and anti-fraud civil charges filed by the US Securities and Exchange Commission.

"Corporate insiders who learn inside information, including information about material cyber intrusions, can not betray shareholders for their own financial benefit", said Richard R. Best, director of the SEC's office in Atlanta, where Equifax is based. "We may be the one breached", and "I'm starting to put 2 and 2 together", the indictment says.

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Equifax detected that hackers had exploited a vulnerability on its website on July 29, 2017, potentially exposing personal information on 148 million consumers.

CFO John Gamble sold nearly $950,000 worth of shares, and US information solutions president, Joseph Loughran, sold shares worth about $685,000 on August 1.

Less than an hour after the searches, Ying allegedly accessed his company-sponsored stock plan and exercised all of his vested options to buy Equifax shares.

Equifax shares plunged in value after the Atlanta-based credit reporting company disclosed the breach on September 7. Equifax publicly disclosed the breach after the market closed on September 7.

Ying wasn't the only employee who sold shares, resulting in several execs getting accused of insider trading.

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